--- title: "《大行》大和升李宁目标价至 20 元 上调评级至「持有」" description: "大和将李宁的目标价上调至 20 元，并将评级从「跑输大市」上调至「持有」。报告指出，李宁上半年净利润率略优于预期，且管理层下调指引的忧虑未出现。尽管核心品牌出现稳定迹象，但由于持续扭亏为盈的确定性不足，评级上调幅度有限。李宁重申全年净利润率高个位数百分比的指引，但因零售动力放缓及宏观环境疲弱，管理层对下半年持审慎态度。" type: "news" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/254360979.md" published_at: "2025-08-25T03:14:32.000Z" --- # 《大行》大和升李宁目标价至 20 元 上调评级至「持有」 > 大和将李宁的目标价上调至 20 元，并将评级从「跑输大市」上调至「持有」。报告指出，李宁上半年净利润率略优于预期，且管理层下调指引的忧虑未出现。尽管核心品牌出现稳定迹象，但由于持续扭亏为盈的确定性不足，评级上调幅度有限。李宁重申全年净利润率高个位数百分比的指引，但因零售动力放缓及宏观环境疲弱，管理层对下半年持审慎态度。 大和发表研究报告指，李宁 (02331.HK) 上半年净利润率略优於该行预期，且该行对管理层下调指引的忧虑并未出现。该行又看到李宁的核心品牌出现稳定的早期迹象，然而，由於集团扭亏为盈的持续性仍未确定，因此仅将李宁的评级由「跑输大市」上调至「持有」，目标价由 14 元升至 20 元，上调 2025 至 2027 年每股盈测 10 至 13%。 该行表示，李宁仍然重申其全年净利润率高个位数百分比的指引。然而，由於零售动力在 7 月和 8 月放缓，加上宏观环境持续疲弱，公司管理层对下半年仍持审慎态度。 ### Related Stocks - [02331.HK - 李宁](https://longbridge.com/zh-CN/quote/02331.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Olympics-Speed skating-Stolz hunts third gold as Nuis makes final Games bid in 1,500m | American speed skater Jordan Stolz aims for his third gold medal in the men's 1,500m at the Winter Games, while three-ti | [Link](https://longbridge.com/zh-CN/news/276256336.md) | | Olympics-Curling-Switzerland fight back to beat Denmark and seal semi-final spot | Switzerland secured a spot in the semi-finals of the women's curling competition at the Winter Olympics by defeating Den | [Link](https://longbridge.com/zh-CN/news/276282442.md) | | Olympics-Crosscountry-Norway win men's team sprint to deliver Klaebo fifth Milano Cortina victory | Norway's Johannes Klaebo led his team to victory in the men's cross-country team sprint at the Milano Cortina Games, mar | [Link](https://longbridge.com/zh-CN/news/276232393.md) | | Olympics-Alpine skiing-Shiffrin back to dominant best in slalom first run | Mikaela Shiffrin showcased her dominance in the first run of the women's slalom at the Milano Cortina Olympics, clocking | [Link](https://longbridge.com/zh-CN/news/276215853.md) | | Golf-Woods won't rule out playing in this year's Masters | Tiger Woods, recovering from back surgery, has not ruled out competing in this year's Masters from April 9-12. Speaking | [Link](https://longbridge.com/zh-CN/news/276159930.md) | --- > **免责声明**：本文内容仅供参考，不构成任何投资建议。